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Mexico's oil output falls to a more than two decade low; Product imports rise to 5-month high

Oil

Mexico's oil production in July declined 22K b/d m-o-m and 171K b/d y-o-y to 1.99M b/d, the lowest since October 1995, Pemex data showed. This was contributed to by a scheduled maintenance at a major floating production and storage offloading (FPSO) vessel in the Bay of Campeche, which reduced output by about 90K b/d, Reuters reported.

Meanwhile, Mexico's gasoline and diesel imports climbed to a 5-month high of 792K b/d, up 60K b/d m-o-m and 25K b/d y-o-y, Pemex data showed. Mexico's Salina Cruz refinery which at 330K b/d capacity is the country's largest was forced to shut in June following a fire at the facility.